Somi Conveyor Beltings will enter the capital market with an initial public offering, IPO of 62,27,860 equity shares of Rs 10 each through 100% book building process on June 24, 2008. The price has been fixed at Rs 35 per equity share. The issue will close for subscription on June 27, 2008.
The issue comprises of contribution by promoters, of 14,99,286 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 5.25 crores, and the net issue to the public of 47,28,574 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 16.55 crores including an allocation of atleast 10% of the net issue to the public to Aualified Institutional Buyers. The net issue to public would constitute 40% of the fully diluted post issue paid up capital of the company. The issue price is 3.5 times of the face value of the equity share.
The shares are proposed to be listed on the BSE.
Ashika Capital is the Lead manager to the issue.
Mondkar Computers is the Registrar to the issue.
Source: Moneycontrol.com
Monday, June 16, 2008
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